The Danish logistics and transport giant Maersk reported on Thursday that its profit in the third quarter increased sixfold compared to the previous year. The reason for this is the high prices that the company maintains in order to secure trade through conflict regions, according to the press release from the second largest container ship shipping company in the world.
AP Moller – Maersk, or Maersk for short, continued its corporate growth in the third quarter. (Photo: Wolfgang Weiser)Net profit from July-September trading rose to $3.049 billion, while revenue rose 30% to $15.76 billion.
The shipping group expects an operating profit of between 5.2 and 5.7 billion US dollars. The previously calculated forecasts were between USD 3.0 and 5.0 billion.
“This quarter we continued to support our customers during a period of high volatility and limited predictability,” said Vincent Clerc, Managing Director of AP Moller-Maersk.
The risk in the Red Sea is well paid off
Because of the danger of attacks by Houthi militia, Maersk, like other shipping companies on the Asia-Europe route, avoids the Red Sea and chooses the longer route around South Africa.
“Rerouting routes south of the Cape of Good Hope remains a significant cost impacting fuel consumption and operating costs,” the company said.
In the third quarter of 2023, freight prices were 54 percent higher than the company’s lowest prices to date.
For 2024, Maersk expects a six percent increase in global container traffic.
On the stock exchange, the Maersk report brought a significant price gain for the Danish company around midday, which has now fallen slightly again after profit-taking.
Those: Maersk quarterly report
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